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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

There was a dramatic drop in the rate
of completed foreclosures in October according to CoreLogic's National Foreclosure
Report issued on Monday; however this good news should probably be approached
with caution. The total of 58,000 foreclosures
completed during the month was down 25 percent from the 77,000 completed in
September. September's number however
was originally reported at 57,000 and revised upward in the current Foreclosure
Report release. The October total is
also 17 percent lower than in October 2011 when there were 70,000 completed
foreclosures. .

To put all of the numbers in
perspective, CoreLogic notes that the average number of foreclosures reported
in the pre-housing crash years 2000 to 2006 was 21,000. Since
the financial crisis began in September 2008, there have been approximately 3.9
million completed foreclosures across the country.

The national foreclosure inventory - the share of all mortgaged homes
that are in some stage of foreclosure - also dropped on both an annual and a
monthly basis. There were 1.3 million
homes in the inventory in October, a rate of 3.2 percent, compared to 1.5
million or 3.6 percent one year earlier and down 1.3 percent from the
approximately 1.4 million homes reported in September.

"A lower foreclosure inventory is a good indicator of improving housing
markets," said Anand Nallathambi, president and CEO of CoreLogic. "The downward trend in foreclosure inventories
over the past year is yet another signal that a recovery in housing is gaining
traction."

"As a result of completed foreclosures and alternative
disposition methods, the foreclosure inventory has declined by 9 percent
year-to-date. This is good news for housing markets as we look forward to 2013," said
Mark Fleming, chief economist for CoreLogic.

Five states, California, Florida, Michigan, Texas, and
Georgia accounted for 49 percent of all completed foreclosures in the
country. The highest foreclosure
inventories were in Florida (11.1 percent), New
Jersey (7.7 percent), New York (5.3 percent), Illinois (5.0 percent) and Nevada
(4.8 percent). All of the high inventory
states except Nevada use a judicial foreclosure process.

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